A storm damaged Bentley rests against a tree in the wake of Hurricane Ian in Bonita Springs, Florida. (Photo by Sean Rayford/Getty Images)
Although Florida already has some of the most expensive automobile insurance in the country, it looks like no relief is in sight for 2024. Florida car insurance premiums are expected to increase further. That's after a shocking 14% increase in rates last year. Even though we didn't really see a major hurricane season, Florida residents are likely to see another double digit increase again this year.
In it's "State Of Auto Insurance" report, ValuePenguin, a LendingTree subsidiary, states that auto insurers are expected to raise car insurance premiums by an average of 12.6% in 2024. The exact amount of increase here in Florida in still unknown, but as the report states:
- Every state is expected to see a rate increase of at least 3% this year. Nevada will experience the country's largest auto insurance rate hike in 2024 - an astounding 28% increase over 2023. Washington state (18%), Arizona (17%), Connecticut (17%), Louisiana (16%) and Georgia (16%) drivers can also expect substantial increases in their auto insurance premiums in 2024.
The rate increases will hit younger drivers the most. The report states "the country's youngest drivers will pay 188% more for car insurance than their older peers in 2024." Yet another reason why the kids can't afford to move out on their own.
Florida car insurance premiums are high - but it's much worse in Michigan.
First of all, congratulations to Michigan on winning the college national championship. Now head on over to the bus stop, because no one can afford to drive a car there. Thanks to the state's Personal Injury Protection (PIP) coverage requirements, Michigan drivers pay, on average, $386 a month for car insurance. Highest in the country. By comparison, Florida is second with an average monthly payment of $249 a month. If you're wondering, Maine has the lowest average monthly payment in the country at $92. But have you seen their weather lately?
Current Average Rates in Southwest Florida
Here's a look at some of our Southwest Florida neighborhoods and how much we pay, on average, for car insurance. You'll see that in most areas (except Fort Myers), we're paying about 20% less than the state average. My thoughts on this, if you have a clean driving record and you're paying more than this number, you may want to do some rate shopping.
| City | Monthly rate | % from average |
| Alva | $212 | -15% |
| Arcadia | $210 | -16% |
| Boca Grande | $193 | -23% |
| Bokeelia | $209 | -16% |
| Bonita Springs | $193 | -23% |
| Cape Coral | $215 | -14% |
| Captiva | $193 | -23% |
| Clewiston | $233 | -6% |
| Estero | $197 | -21% |
| Everglades City | $201 | -19% |
| Fort Myers | $216 | -13% |
| Fort Myers Beach | $197 | -21% |
| Fort Myers Shores | $225 | -10% |
| Golden Gate | $202 | -19% |
| Immokalee | $218 | -12% |
| Lehigh Acres | $226 | -9% |
| Lely | $199 | -20% |
| Marco Island | $204 | -18% |
| Matlacha | $213 | -15% |
| Naples | $199 | -20% |
| Naples Manor | $199 | -20% |
| Naples Park | $197 | -21% |
| North Fort Myers | $216 | -13% |
| North Port | $201 | -19% |
| Port Charlotte | $200 | -20% |
| Punta Gorda | $200 | -20% |
| San Carlos Park | $198 | -21% |
| Sanibel | $194 | -22% |
| Suncoast Estates | $216 | -13% |
| Three Oaks | $198 | -21% |
| Venice | $201 | -19% |
| Whiskey Creek | $204 | -18% |
Ways to save.
Bundling isn't just a catch phrase. Putting my car and house together is why I pay much less than the $197 a month average in Estero. Another way to save is what's known as a telematics device. This device tracks all your driving habits to see if you're a safe driver. It likely also tracks everywhere you go and sells this information to advertisers (allegedly). If you're ok with being monitored, that device could save you up to 30%. Also, check your policy. There may be stuff on there where you can trim. It should be without saying, but lock your car doors, and quit making your vehicles easy to steal. Lastly, find ways to improve your credit score. It's completely unfair that car insurance is affected by your credit score - but it is.
Save up everyone, even though they say inflation is in check, more insurance increases are on the way.
These Vehicles Are Most Targeted For Car Theft In Florida
Florida is one of the top 10 states with the highest vehicle theft rates in the US. But you may be wondering which vehicles these thieves are targeting.
All over the news lately we've been hearing about catalytic converter thefts. People are walking out to their cars to find it's not starting up quite the same as before. If you hear a loud sound, smelly exhaust or a sluggish acceleration, that could be the first sign that it's been stolen. You may be thinking..of all things, why the catalytic converter? The reason these bad guys want to get their hands on them is because the precious metals they're made out of, palladium, rhodium and platinum, are getting more expensive so they're worth more.
Not only are they valuable, but they also are pretty easy to steal. If they're pros, they can slide under your car and remove it with a small saw in a minute or less. But you can prevent this from happening. They do sell catalytic converter anti-theft devices. You can also engrave your VIN number on the catalytic converter which will then make it harder to sell because it traces back to your car.
Carfax has put together a list of the most targeted vehicles for these thefts. If you own one of these makes and models, you'll want to be extra vigilant. If your catalytic converter does happen to be stolen, it's not a cheap fix. They run anywhere from $2000-$3000 to replace.
